Beneficial interest

Simm08

I am at present being threatened with bankruptcy by hmrc for 27000
I need to estimate my beneficial interest to see if this is viable.
My wife of ten years has owned the house for 23 years
She remortgaged 11 years ago for 125000 to pay her ex husband 45000 as there was 90000 equity so in effect she paid a 45000 deposit.
I have only really been contributing properly for about the last five years due to personal financial difficulties.
The mortgage and deeds are solely in my wife's name, she has 90000 left on the mortgage and Zoopla value the house at around 135000
Can someone please help I only have a week to respond.

TheGardener

With only 10 years at the address and limited financial investment in it from you - I would doubt the OR would attempt to assert you have any BI at all in a property owned by someone else for 23 years. However, every OR is different. I would tell the Or you don't believe you have any BI and see what happens.

debt_doctor

Hi,

In all my years of debt advice and also amongst all of my colleagues, we have never once seen the OR chase the beneficial interest of a bankrupt when the property is the sole legal title of the non bankrupt partner. This includes where the non bankrupt owns the property outright and their partner lived with them for 20 years.

Sadly, I can't guarantee that you won't be the first.

DD